Name: Karnataka asks IT companies to continue work from home till July-end
Uploaded: 2020-04-29T12:58:58.fff+05:30
Duration: T00M15S
Channel: editorji
Description: The Karnataka government on Tuesday permitted IT companies to continue working from home till July-end. This came as the state announced easing of restrictions in some parts that have not been heavily impacted by Covid-19.

The Karnataka&nbsp;government on Tuesday permitted IT companies to continue working from home till July-end. This came as the state announced easing of restrictions in some parts that have not been heavily impacted by Covid-19.

The Karnataka government on Tuesday permitted IT companies to continue working from home till July-end. This came as the state announced easing of restrictions in some parts that have not been heavily impacted by Covid-19.

The government has extended the time for interested parties to submit their bids for BPCL&nbsp;by two months due to the Covid-19 pandemic. Bidders now have to submit their 'expression of interest' by July 31. The government had in March invited bids to sell its 53% stake in BPCL, the country's second-largest oil retailer, as part of the efforts to speed up the privatisation process.&nbsp;

Anant Ambani, the youngest son of Mukesh Ambani, has formally joined the Reliance Industries's digital venture Jio Platforms as an additional director. Anant Ambani has been appointed as an additional director on the Jio Platforms board, with effect from March 16, 2020. This is the first time that Anant Ambani has become a part of his family business.&nbsp;His siblings, twins Akash and Isha,&nbsp;joined the boards of Reliance Jio Infocomm and Reliance Retail Ventures earlier in 2014.

The government may impose anti-dumping duty on imports of a certain type of rubber used in various industries. The domestic industry has approached the commerce ministry to investigate the alleged dumping of the product from China, European Union, Japan and Russia. Dumping of the product from these countries is impacting the domestic industry.&nbsp;In international trade parlance, dumping happens when a country or a firm exports an item at a price lower than the price of that product in its domestic market.

In a bid to provide a boost to gold financiers, the Reserve Bank of India is considering increasing the Loan to Value (LTV) ratio from 75% to 85% and the apex bank may announce the decision in a few days. As per a Zee Business report, in case the LTV in the gold loan is increased, borrowers will be able to get up to 85% of the liquid value of their&nbsp;mortgaged yellow metal.&nbsp;

Microsoft is negotiating an investment of as much as $2 billion in Reliance Industries'&nbsp;Jio Platforms, as per some reports. Microsoft has been in discussions with several players in the digital payments services space. With Reliance, Microsoft is interested in buying more than a 2.5% stake in Jio Platforms. Jio&nbsp;has already attracted investments worth $10 billion in just a month from marquee investors.

Bharti Telecom&nbsp;has raised over ₹8,433 crore via sale of a 2.75% stake in Bharti Airtel in order&nbsp;to fully repay its debt.&nbsp;Bharti Airtel&rsquo;s credit profile will improve as it will benefit from Bharti Telecom becoming a zero-debt company, according to the statement.&nbsp;

Maruti Suzuki said it has joined hands with ICICI Bank to offer retail financing schemes to its customers. As part of the tie-up, ICICI Bank is offering flexible EMI scheme which enables customers to pay low EMI initially, in order to help them overcome the liquidity stress due to the Covid-19 pandemic. The EMI amount starts with a low ₹899 on a loan amount of ₹1 lakh for first three months. Thereafter the EMI amount is higher.

Nokia&nbsp;on Tuesday said it suspended operations at a telecoms gear manufacturing plant in Tamil Nadu&nbsp;last week, after some employees tested positive for Covid-19. Nokia did not disclose how many workers at the plant tested positive, but a Reuters report said they were at least 42. The factory had begun operations in a restricted manner over the past few weeks after the country eased the world's biggest lockdown to kick-start its economy.

Reliance Industries is working with banks on early preparations for an overseas listing of its digital business Jio, after the unit attracted more than $10 billion of investment in a month.&nbsp;In the past one month, five global players have picked up a 17% stake in Jio Platforms for a total consideration of ₹78,562 crore, valuing the company at ₹4.91 lakh crore&nbsp;or $73 billion. The offering could happen in the next two years and the company hasn't decided on a listing venue, as per some reports. An overseas listing could potentially give the digital business a higher valuation and allow existing investors to exit.

In the wake of an&nbsp;unprecedented crisis,&nbsp;TVS Motor has announced to cut employees' salaries for six months, the Mint reported on Tuesday.&nbsp;Starting May, salaries will be reduced to the extent of 5% for junior executives and 15-20% at the senior management level.&nbsp;TVS Motor&rsquo;s domestic sales in the three and two-wheeler categories crashed more than 60% in March.
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Uber India on Tuesday said that it was laying off 600 of its employees across customer and driver support, business development, marketing and other verticals. This is 25% of its total headcount of 2,400 in the country. The move is part of the company&rsquo;s global restructuring plan as the company is facing severe financial stress amid the coronavirus led lockdowns in various countries. Those laid off would be given 10 to 12 weeks of salary, medical insurance coverage for the next six months and outplacement support, the company said.&nbsp;Uber has laid off 6,700 employees globally since the start of the pandemic.

Bharti Airtel promoters may&nbsp;sell $1 billion worth of shares in the company, as per a&nbsp;CNBC Awaaz&nbsp;report. The telecom major will sell 15 crore shares via a block deal on May 26.&nbsp;JP Morgan is the banker to the deal which is likely to be at a 6% discount to the closing price of ₹593 on the BSE on Friday.

The Finance Ministry is not considering the imposition of a calamity cess on the GST as some reports suggested earlier, news agency&nbsp;PTI&nbsp;reported. The report said that&nbsp;any purported proposal of introducing a calamity cess would be nothing less than the adversity itself as businesses are grappling with low sales and declining demand.
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Over 90,000 passengers have booked to travel between May 25 and May 31 in the last three days, CNBC&nbsp;tv-18 reported. Citing the data from travel portal&nbsp;EaseMyTrip, the report said more than 31% of the bookings made are for Mumbai and Kolkata, which are currently at the centre of confusion regarding the resumption of flights. Nearly 35% of bookings have taken place to and from Delhi airport. Whereas, the busiest route of the country, Delhi-Mumbai,&nbsp;accounted for just 0.36% bookings made on EaseMyTrip.

The Tamil Nadu government has permitted 17 industrial estates situated in non-containment zones to restart functioning from May 25. The units in these industrial estates can operate with 25% workforce subject to conditions like wearing masks, maintaining social distance and thermal screening of the staff. the government said. Workers from containment zones cannot come to work.
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Hyundai Motor India on Sunday said three of its workers had tested positive for coronavirus but are recovering well. The company also said the car plant, near Chennai, which restarted operations on May 8, will continue without a break. According to the company, during the first week of the plant operations, three of its employees had tested positive for coronavirus and they were given immediate medical attention.
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After raising over $10 billion in a month, Reliance Jio&rsquo;s e-commerce portal&nbsp;JioMart&nbsp;has finally gone live&nbsp;in metros, tier 1 and tier 2 cities including Delhi, Chennai, Kolkata, Bangalore, Pune, etc. The website sells essential grocery items as well as farm produce, which will directly be sourced from farmers. The e-commerce platform uses its technology to reach out to the vast network of small grocery stores in India.&nbsp;JioMart may have competitors Amazon and&nbsp;Flipkart&nbsp;in its sight, but in its current form, the company is going to be more of a headache for e-commerce platforms like&nbsp;Grofers&nbsp;and BigBasket, who are mong the&nbsp;top grocery delivery startups in India.

Amazon India on Friday announced that it has opened almost 50,000 seasonal roles to meet the surge in demand due to the Covid-19 pandemic. The roles will be across fulfilment centres and delivery network including part-time flexible work opportunities as independent contractors with Amazon Flex.&nbsp;Even in the United States, where the unemployment rate is climbing every week, Amazon has hired 1,75,000 workers in the last two months and will look to hire more as it sees an increase in demand.
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Japan said an extradition request was being prepared after two men arrested in the US on charges of enabling the dramatic escape of former Nissan Motor boss Carlos Ghosn.&nbsp;Michael Taylor, a former Green Beret and private security specialist, and Peter Taylor are wanted by Japan on charges they helped Ghosn escape the country in December after he was released on bail.&nbsp;Ghosn escaped in a box while he awaited trial in Tokyo on financial misconduct charges.
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Aviation&nbsp;stocks flew higher on Thursday as the government announced the resumption of domestic airlines from May 25 after a gap of more than two months.&nbsp;At around 1 pm, Interglobe&nbsp;aviation shares were trading 7.77% higher on the NSE and Spicejet&nbsp;scrips&nbsp;were locked in the upper circuit after jumping 4.90%.

Karnataka asks IT companies to continue work from home till July-end

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Karnataka asks IT companies to continue work from home till July-end

Apr 29, 2020 12:58 IST

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